ABN Amro, BBVA Seek Billion Dollar Italy Deals

Published on:
12 September 2006 at 10:19 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00009845-abn-amro-bbva-seek-billion-dollar-italy-d/

Europe’s leading banks, fuelled by recent earnings strength and on the hunt for better growth potential than what their home markets offer, are knocking on Italy’s door more loudly than ever.

Two proposed takeovers – each valued at over $8 billion – have surfaced this week, upping the pressure on Italian authorities to open up the banking sector for foreign ownership.

Dutch banking group ABN Amro on Wednesday said it plans to offer 6.3 billion euros ($8.2 billion) in cash to buy the rest of Italian banking group Banca Antonveneta that it doesn’t already own.

On Tuesday, Spanish bank Banco Bilbao Vizcaya Argentaria said its board approved a 6.44 billion euro ($8.3 billion), all-stock bid for the 85 percent of Italy’s Banca Nazionale del Lavoro it doesn’t already own.

For this complete story, please visit ABN Amro, BBVA Seek Billion Dollar Italy Deals.

ABN Amro, BBVA Seek Billion Dollar Italy Deals

Unknown Author

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